Transport Minister S. Iswaran said on Nov. 15 that talks are currently underway for Singapore to continue hosting the F1 grand prix from 2022 onwards.
The government has been negotiating with the Formula One management and race organisers, Singapore GP, on a new contract.
Singapore has been hosting the F1 grand prix night race annually since 2008 at the Marina Bay circuit.
Talks in 2017 led to a four year extension being signed and this year’s edition was supposed to be the last, but had been cancelled due to the current pandemic in situation in Singapore restricting large scale events.
F1 Grand Prix helped Singapore economically
The Minister also added that the F1 Grand Prix had helped boost the economy in Singapore ever since the inaugural event in 2008.
It is said that during the race weekend each year, S$130 million are contributed to the economy via tourist receipts.
The Ministry of Trade and Industry helps to fund the S$135million costs of the event every year, contributing 60% of the expenses with the rest funded by race promoters Singapore GP.
Tourism hit hard by the pandemic
The minister also acknowledged that the pandemic has hit the tourism and lifestyle sectors hard.
He is quoted saying:
“You will be well aware our tourism and lifestyle sectors have been hard hit by Covid-19, and many events including the past two editions of the Formula One season Singapore have been cancelled or postponed.
Yet, I think we all recognise that events such as Formula One generate significant economic benefits and global branding value for Singapore,
They invigorated Singapore’s events calendar, they build our international demand and also support job creation and businesses.”
He added that Gan Kim Yong, who is Minister for Trade and Industry has asked him to oversee talks with Formula One and Singapore GP as he has experience with the issues involved and is also familiar with the parties involved.
More large scale events
Currently, The Bloomberg New Economy Forum is held in Singapore and its participants come from all around the world.
The ONE Championship fighting event is also slated to take place in Singapore in the upcoming months with spectators allowed to view the event live from the event venue.
Safe Management Measures will however still have to be complied with and organisers of such large scale events will release the details of the measures nearing the events.
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